"These are positive outcomes by any measure, and testimony to the fact that the right funding at the right time can in fact result in far greater outcomes than that of ordinary public spending.

Stay tuned for the full report on the study in coming weeks," he said.

Help University was commissioned to conduct the study that produced these numbers using data from grant programmes between 2008 and 2016. The main point of it was to find out what has been Cradle's impact on the ecosystem over the years?

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Before the one-day conference got underway, a moment of silence was observed for Cradle Fund Sdn Bhd's (Cradle) first CEO, Nazrin Hassan, 45, who passed away on the eve of Hari Raya this year.

Razif paid tribute to Nazrin for his vision and seeing the potential in companies like MyTeksi (Grab), iMoney and iPay88, which received grants from Cradle.

Since being established, Cradle incorporated under the Ministry of Finance (MOF) in 2003 has funded more than 800 tech startups and witnessed this network quickly grow around the region.

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"Today, we can see how these startups have become smarter, more informed and cultivated stronger networks.

However, the challenges will be greater in this age of digital technology," warned Razif.

Cradle's conference cum 15th anniversary brought together 305 investors and startup founders to discuss the direction and development of new companies, as well as exchange ideas.